Westpac Shuts Out Chinese Borrowers

Sky News:Westpac enforces non-resident borrowers ban

Westpac has announced it has stopped lending money to foreign property investors.

First home buyers are being given a crack at entering the property market, after the major lender announced it was banning non-resident borrowers.

Westpac are following in the footsteps of Commonwealth Bank, who last week declared they would no longer accept mortgage applications from non-Australian residents.

They are doing this due to the risk involved, but the news played up the nationalism angle. Mood is shifting...